Bank Transfer Fees.

[trainman34014]

I need to transfer a bundle of Thai Baht to my English Bank Account.  Anyone any idea what transfer fee Thai Banks charge for this service.    Also is there a limit to how much i can legally send out of the country.   Any info' would be appreciated.

[jackdd]

The fees depend on the two banks involved, probably nobody here can give you a precise answer to this. Afaik to send money out via bank transfer you need either a work permit or a prove that you transferred money into Thailand in the past.

This is probably cheaper than the usual bank transfer: https://www.deemoney.com/

[Pib]

You would need to check with your Thai bank as to how much they will let you send, but the sending fee would be approx Bt1,200 and their TT Selling Rate would be used to exchange your baht to pounds.

[Eindhoven]

https://www.deemoney.com

[KhunBENQ]

32 minutes ago, Eindhoven said:

https://www.deemoney.com

Yes, they just recently reinstated UK as a target country.
Their fee sounds good, but the applied rate is not exciting.

They show 39.936 currently. You almost pay 40 Baht for a Pound.

Currency market rate is about 39.25.

A 1.7% margin.

 

1 hour ago, trainman34014 said:

a bundle of Thai Baht

Can you roughly say what amount?

100k, 400k, 800k, 2m, 5m, ... ?

Can be important for comparison.

Doesn't Deemoney have some upper limit?

 

https://www.deemoney.com

 

Edited December 30, 2019 by KhunBENQ

[Pib]

28 minutes ago, KhunBENQ said:

Yes, they just recently reinstated UK as a target country.
Their fee sounds good, but the applied rate is not exciting.

They show 39.936 currently. You almost pay 40 Baht for a Pound.

Currency market rate is about 39.25.

A 1.7% margin.

 

 

Yeap, when sending money back you want the lowest TT Selling Rate (what Thai banks call it) or the lowest Send Money Rate (what DeeMoney calls it).  But the DeeMoney Sending (Selling) rate of the moment is only a little worst than Thai bank TT Selling Rates....and on some day it a little better than some Thai banks.  The DeeMoney sending fee will only be around Bt150 where the Thai bank fee will be around Bt1,200.  And sending with DeeMoney will surely be a LOT easier than using a Thai bank.

 

But if I was sending back a large sum I would still use a Thai bank "if" they allowed me to send money back.  When sending a large sum back expect the Thai bank to require docs proving the source of funds, etc.   Sending small sums usually no problem; sending large funds can be a pain sometimes with Thai banks unless you have a work permit, proof of source of funds, etc.  

 

What the interbank...the big exchange rate in the sky is not really a player because unless you are bank, big time currency trader, etc., a regular person does not get that rate....the person can only get the bank rate, the DeeMoney rate, etc. 

 

Thai Banks TT Selling Rate for sending back GBP (i.e., what you pay in baht to buy each GBP....the lower the rate the better for you).

[trainman34014]

Thank You everyone, most informative.

[BRUFC]

Have a look at these. I haven't used them yet but I'll be moving money back to UK in January. IN the meantime I'll look at Deemoney (thanks guys)

https://www.smartcurrencyexchange.com/

[Laza 45]

TransferWise ??... no bank fees.. low charges good rate.. I use it between Australia and Thailand.. not sure about out of the country but worth a try.. easy to set up.. no upfront cost..

[henry15]

The most easy way is  with the. Kplus app from. Kasikorn. Take about 3 minutes. The maximum amount is the. Equivelant of 49.999 US dollar. Till. 31/12 there is no transfer fee. You can also see the status of your transfer.

 

[mokwit]

Key point is that total cost will be some combination of commission plus spread (difference between rate they buy at and rate they sell at). A 'no fees' deal means they still make their money on the spread and that is a percentage not a fixed fee but the fact that a bank charges a fee does not mean they are offering a better spread. So you have to try and factor in both.

 

You can get better than TT rate if you are sending large amounts (ASK, nay demand) but the max rate a retail customer terminal can give will fall short of interbank rate.

[topt]

1 hour ago, Laza 45 said:

TransferWise ??... no bank fees.. low charges good rate.. I use it between Australia and Thailand.. not sure about out of the country but worth a try.. easy to set up.. no upfront cost..

Transferwise do not transfer out of Thailand.

[Hotrudester]

Get yourself free expert advice. We have used this company many times in the past years and they have always given us the best service, best rates and 24 hour transfers usually. Advice is Free.

Contact the Private Client Team:
T: +44 (0) 207 350 5474
E: [email protected]

I have attached the brochure for you. I hope this helps you!!

Halo Financial.pdf

[kwonitoy]

550 Baht commission (bank fee)

800 Baht Bank Charge

 

At SCB for transfer of up to 50,000 USD per day, as allowed by law.

As done by myself Sept 16 to clear out the last of my condo sale.

[Scott Tracy]

Not sure what the upper limits for Western Union but they good exchange rate and low fees.

[Phulublub]

Friends who want to move money the other way can be a win-win....use mid-market and you both benefit.

[Max69xl]

14 hours ago, trainman34014 said:

Thank You everyone, most informative.

Do you have a thai bank account and at what bank? You get better answers if you provide more info.

[kevinmartyn]

As long as you clearly state where the payment is going and where the cash came from no issues

[mcl2504]

15 hours ago, BRUFC said:

Have a look at these. I haven't used them yet but I'll be moving money back to UK in January. IN the meantime I'll look at Deemoney (thanks guys)

https://www.smartcurrencyexchange.com/

I've used https://www.xe.com/ to send money from the US to Europe before. I see that THB is one of the currencies they deal in, so I'd look at them too.

[RBOP]

With online banking I always tick the charge 300 Baht box. Before I use to tick the 1,050 Baht box but made no difference how much money landed in my overseas account so now just I tick the 300 baht box. My receiving bank charges $15 no matter what I tick. Also $10 just disappears with no trace. My receiving bank doesn't know where its going. I've not asked my sender bank yet what is happening to the $10 but I suspect it's an intermediary bank taking a cut, such as Wells Fargo or which ever  intermediary bank that Bangkok Bank uses.  So basically a transfer costs me about $35. Not much difference between banks on exchange rates. 

[Max69xl]

2 hours ago, RBOP said:

With online banking I always tick the charge 300 Baht box. Before I use to tick the 1,050 Baht box but made no difference how much money landed in my overseas account so now just I tick the 300 baht box. My receiving bank charges $15 no matter what I tick. Also $10 just disappears with no trace. My receiving bank doesn't know where its going. I've not asked my sender bank yet what is happening to the $10 but I suspect it's an intermediary bank taking a cut, such as Wells Fargo or which ever  intermediary bank that Bangkok Bank uses.  So basically a transfer costs me about $35. Not much difference between banks on exchange rates. 

When you say "my receiving bank", which bank is that? Are you transferring your money from your bank in the US? 

[DogNo1]

FYI, the wire transfer desk at Fidelity is open 24 hours a day.  If you have a cash management account with Fidelity and a standing wire transfer order on file, you can transfer your money to Bangkok Bank for free.  Depending on how much you wire, BKK Bank will charge you a few hundred baht.  For my monthly transfers of $2,300, I am charged 200 baht.  Every transfer is recorded as FTT.

[Langsuan Man]

13 hours ago, DogNo1 said:

FYI, the wire transfer desk at Fidelity is open 24 hours a day.  If you have a cash management account with Fidelity and a standing wire transfer order on file, you can transfer your money to Bangkok Bank for free.  Depending on how much you wire, BKK Bank will charge you a few hundred baht.  For my monthly transfers of $2,300, I am charged 200 baht.  Every transfer is recorded as FTT.

Just remember that "standing order" at Fidelity must be in the form of a Medallion Guarantee, which is pretty much impossible to obtain outside of the USA.  So to use Fidelity's International Wire service takes some planning before you get here  

[topt]

21 hours ago, Max69xl said:

When you say "my receiving bank", which bank is that? Are you transferring your money from your bank in the US? 

 

19 hours ago, DogNo1 said:

FYI, the wire transfer desk at Fidelity is open 24 hours a day.  If you have a cash management account with Fidelity and a standing wire transfer order on file, you can transfer your money to Bangkok Bank for free.  Depending on how much you wire, BKK Bank will charge you a few hundred baht.  For my monthly transfers of $2,300, I am charged 200 baht.  Every transfer is recorded as FTT.

The OP was asking about sending baht from Thailand to UK.....

@RBOP was talking about sending from Bangkok Bank in Thailand to somewhere - probably a US bank based on being charged in $.....

[Max69xl]

5 hours ago, topt said:

 

The OP was asking about sending baht from Thailand to UK.....

@RBOP was talking about sending from Bangkok Bank in Thailand to somewhere - probably a US bank based on being charged in $.....

If sending money from Bangkok Bank to the US, the sending fee will be in baht. 

[topt]

1 hour ago, Max69xl said:

If sending money from Bangkok Bank to the US, the sending fee will be in baht. 

Yes I know. I suggest you read his message again but i will try to help -

 

On 12/31/2019 at 1:11 PM, RBOP said:

With online banking I always tick the charge 300 Baht box. Before I use to tick the 1,050 Baht box but made no difference how much money landed in my overseas account so now just I tick the 300 baht box.

So this is his Thai account he is sending from - fee in baht.......

On 12/31/2019 at 1:11 PM, RBOP said:

My receiving bank charges $15 no matter what I tick

Receiving bank is where the money goes which is why I suggested it may be to US as fee is in $

However I could of course be completely wrong..........

[TBKK]

It is my understanding that you can send money from Thai bank account to U.S. bank account with both Dee Money and Transferwise.

I have not used either one yet.

I would be interested in knowing which one of these would be the cheapest to use by anyone that has used them. 

[Pib]

13 minutes ago, TBKK said:

It is my understanding that you can send money from Thai bank account to U.S. bank account with both Dee Money and Transferwise.

I have not used either one yet.

I would be interested in knowing which one of these would be the cheapest to use by anyone that has used them. 

You can with DeeMoney, but not Transferwise.   Cost to send with DeeMoney is a Bt150 sending fee...you get their "Send Money" exchange rate shown on their website.

 

[TBKK]

3 hours ago, Pib said:

You can with DeeMoney, but not Transferwise.   Cost to send with DeeMoney is a Bt150 sending fee...you get their "Send Money" exchange rate shown on their website.

 

When I go to the Transferwise website their menu allows sending Thai Baht to U.S.D.

Don't find anything on the website that says not allowed to do this.

Since I have not tried to make this transaction on their website, are you stating that you tried to send Thai Baht from your Thai bank account to your account in the U.S. and they would not allow you to this?     

[Pib]

1 hour ago, TBKK said:

When I go to the Transferwise website their menu allows sending Thai Baht to U.S.D.

Don't find anything on the website that says not allowed to do this.

Since I have not tried to make this transaction on their website, are you stating that you tried to send Thai Baht from your Thai bank account to your account in the U.S. and they would not allow you to this?     

You can not Send THB....it's one of many currencies Transferwise can not Send....see this webpage for the currencies you can send from and to.  THB is only a "Send To" currency.   

https://transferwise.com/help/11/getting-started/2571907/what-currencies-do-you-support

 

And when I go to the Tranferwise webpage, THB is "not" a currency you can select for the "You Send" field which means you are sending from a Thai baht acct; you can only enter THB in the "Recipient Gets" field when means you are sending to a Thai baht acct in Thailand.   Maybe you clicked "Other" when looking for THB for the You Send field and you ended up at a menu where you can enter THB but that is only to notify Transferwise that you hope they will add THB as currency that can be sent from in the future.

 

Nope, you can not send Thai baht from Thailand....that is, use your Thai bank acct to fund a transfer to say USD, GBP, EUR, etc.